The extended last date for filing of Income Tax Return for Asst Year 2015-16 is 31.08.2015 for the assesses who are not subject to audit. This date has been extended from 31.07.2015 to 31.08.2015 by one month due to revision in forms by the CBDT. The forms are given very late so the government had to extend the last date by one month. here below are given Tax rates applicable for different assessees, advance tax rates, Forms in which tax returna are to filed for Asst Year 2015-16 and check list of documents required for preparing for filing of returns.
1.1
Tax Rates:
1.1.1 For Individuals & HUF (Rs
In Lacs)
|
A.Y
|
Rate
(Exclusive
of education cess 3%)
|
General / NRI
|
Senior Citizen
(Age : 60 till 79 years)
|
Super Senior Citizen
(Age: 80
years and above)
|
|
2015-16/
2016-17
|
Nil
|
Upto
2.5
|
Upto
3
|
Upto
5
|
|
10%
|
2.5 to 5
|
3 to 5
|
-
|
|
|
20%
|
5 to
10
|
5 to
10
|
5 to
10
|
|
|
30%
|
Above 10
|
Above 10
|
Above 10
|
Note : 1. Exclusive of
surcharge @ 10% for A.Y. 2015-16 and @ 12% for A.Y. 2016-17 whose total
income exceeds Rs 1
crore.
2. Tax Credit as per Sec. 87 A
will be provided to First Bracket
Resident Individual i.e. Net Income upto Rs. 5,00,000. Credit will be
equal to the Actual Tax Payable or Rs. 2,000 whichever
is less.
1.1.2 For Co-Operative Societies:
|
A.Y
|
Amount
|
Rate of Tax
(Exclusive
of education cess 3%)
|
|
2015-16/2016-17
|
Upto
Rs. 10,000
|
10%
|
|
From Rs. 10,001 to Rs. 20,000
|
20%
|
|
|
More
than Rs. 20,000
|
30%
|
Note : 1.Exclusive of surcharge @ 10% for
A.Y 2015-16 and @ 12% for A.Y. 2016-17
whose total income exceeds Rs. 1 Crore.
1.1.3 For AOP and BOI:
|
Shares of Members are
Determinate
|
Shares of Members
are Indeterminate
|
|||
|
Members is an Individual / HUF
|
Members
is a Company
|
Members is an Individual / HUF
|
Members is a Company
|
|
|
When None of the member has
income in excess Basic exemption limit.
|
When
any of the member have income in excess of Basic Exemption limit.
|
When
total income of member company is taxable at rate higher than the Maximum
Marginal Rates (i.e. in case of Foreign Companies)
|
Tax will be charged on the Total income of AOP/BOI at MMR
of 34.61%
(Maximum Marginal Rate is 33.99% for A.Y. 2015-16)
|
Where income of AOI/ BOI is taxable at rate higher than
the MMR then, the Total Income of AOI/BOI will be taxed at such higher rate.
(i.e. in case of Foreign Companies )
|
|
AOP/BOI will be taxed at the
slab rates specified in 1.1.1
|
AOP/BOI will be taxed at the Maximum Marginal Rate of
34.61%
|
Tax will be charged on that portion of AOP/BOI at such
higher rate
|
||
1.1.4 For Other Assesses
|
Other Assesses
|
Income Tax Rate
|
MAT Rate
|
Dividend Distribution Tax Rate
(Inclusive of Education Cess @ 3% & Surcharge
of 12% of Income Tax)
|
|
Domestic Companies
|
30%
|
18.5%
|
20.358%
|
|
Foreign
Companies
|
40%
|
18.5%
|
-
|
|
Firms/LLP/Local Autho.
|
30%
|
Note-1
|
-
|
Note: 1. Alternate Minimum Tax (AMT) is applicable to all persons
(other than companies) claiming profit
linked deductions under chapter VI- A (80-H to 80RRB excluding 80P ) and
Section 10AA, provided the adjusted income exceeds Rs 20 Lacs.
2.
Marginal Relief is available in case income exceeds Rs. 1 Crore or Rs. 10
Crore, as the case may be, to the extent marginal tax exceeds marginal income.
Applicability of Surcharge & Education Cess:
|
Particulars
|
Applicable to Companies
|
A.Y.
|
|||
|
2015-16
|
2016-17
|
||||
|
Surcharge
|
Total Income
|
< Rs 1 Cr.
|
All
|
Nil
|
Nil
|
|
Rs 1 Cr. to Rs. 10 Cr.
|
Domestic
|
5%
|
7%
|
||
|
Foreign
|
2%
|
12%
|
|||
|
>
Rs 10 Cr.
|
Domestic
|
10%
|
5%
|
||
|
Foreign
|
5%
|
3%
|
|||
|
Education Cess
|
3%
|
3%
|
|||
1.2 Advance Tax:
|
Due Date
|
Company
|
Non- Company
|
|
15th June
|
Upto
15%
|
-
|
|
15th Sep.
|
Upto 15%
|
Upto 30%
|
|
15th Dec.
|
Upto
75%
|
Upto
60%
|
|
15th Mar.
|
100%
|
100%
|
Notes: 1. Advance Tax is not Applicable if Liability to
pay Advance Tax is less than Rs.10,000.
2. Sr. Citizen who does not have Income from
Business and Profession is not required to pay Advance Tax.
1.3
Checklist of documents for filing Income
Tax return
1.
Adhaar Card Number
2.
Passport Number
3.
A copy of last year's
tax return
4.
Bank Statement- All Bank Account Number with Number, IFSC
Code except dormant
5.
TDS certificates
6.
Saving certificate/ deductions
7.
Interest statement
8.
Balance sheet & profit loss account and other audit
reports wherever applicable
9.
Assets outside India and Foreign Income
10.
Bank Account Outside India
1.4 ITR Forms updated on Income tax site till date:
a) ITR -1 (Sahaj) : For individuals
having income from salaries , one house property , other sources
(Interest, etc)
Points to Remember:
1.
Income from Salary / Pension : Ensure to fill details as per
Form 16 issued by employer.
2.
Income from one House Property : If you have income or loss
from House Property , select the appropriate option whether the house property is self occupied
or let out.
3.
Income from other sources : Ensure to fill details as per
Form 16 A issued by deductor.
4.
Deductions :
80CCG : Enter deduction amount do not enter investment
amount.
80D :Individual =
Maximum Rs. 15000/-(Sr. Citizen Rs. 20000)
Individual + Parent = Maximum Rs. 30000/-
Individual+ Parent (Sr. citizen)= maximum
Rs. 35000/-
Individual (Sr. citizen)+ parents (sr
citizen)= Maximum Rs. 40000/-
80DD : Expenditure
for medical treatment for dependent relative , maximum eligible amount is Rs. 50000/-(Rs. 100000/- for
severe disability)
80DDB :Medical expenditure for specified diseases . Maximum
eligible amount is RS. 40000/-(Sr. citizen Rs. 60000/-)
80G : Do not delete the rows while entering the detail.
80U : In case of person with disability . Maximum
eligible amount is RS. 50000/- (Rs. 100000/-for severe disability).
5.
Surcharge @10% if
income exceeds Rs. 1 crore
6.
Calculate relief u/s 89: Please ensure to submit form 10E.
b)
ITR -2 : For Individual and HUF not having Income from business or profession
Point
to remember :
1.
Detail of income from outside India and tax relief : In case
TIN has not been allotted in the country
, please mention the passport number.
2.
TDS :
TAN
of deductor (As per form 16)
: Enter valid TAN no upto 10characters .
Unique
TDS Certificate no.(As per Form 16A) : Enter 8 characters , and in case the
unique TDS certificate no. is 6 or 7 characters , you need not prefix any
zeros.
3.
same as point 4-6 of ITR-1
c)
ITR -2A : For individuals and HUF not having
Income from business or profession and capital gains and who
do not hold foreign assets
Point
to remember :
1.
Same as above point 1-3 of ITR-2.
d)
ITR -4S : Presumptive Business Income tax return
Point
to remember :
1.
44AE (Calculation of profit and gains of plying , hiring or
leasing goods carriage):
Period of holding(in months) :Part of month shall be deemed as full
month.
Income
per vehicle :must
be >=Rs. 7500 pm per vehicle
2.
If Tax Return Prepare for any reimbursement from
the
government , amount thereof(to filled by TRP): Enter TRP reimbursemnet amount
ITR Forms Not yet updated on Income Tax site till date
a)
ITR -3 : Individuals and HUF being partners in a firm but not
carrying business under proprietorship
b)
ITR -4
: Individuals earning income from
proprietorship
c)
ITR -5 : Firms , AOP, BOI
es New Roman"'>Individuals earning income from
proprietorship
c)
ITR -5 : Firms , AOP, BOI
